Part I. Hedging a complex portfolio. Questions 1-5. You have a complex portfolio whose value is related to the S&P index; the index level ("price") is currently 3000. To simplify, interest rates and dividend yields are zero. You consider using put contracts (for $100 times the index level) to change your exposure to S&P index price movements. Value ($) Delta ($/index level unit) Portfolio 20,000,000 +14,000 If the S&P index falls from 3000 to 2,956 overnight, by about how much does your portfolio value change (IN $ THOUSANDS, including the sign)